The cost of online moments for a second loan – 2018

Free online loans for new customers are hard to perceive as new on the market. As part of the April online moments ranking, we counted as many as 20 offers for a free loan of USD 400 per USD 30. Much larger amounts can also be borrowed for free (e.g. USD 2,000, USD 3,000 and even USD 6,000).

Therefore, we decided to check whether companies offering free payday loans do not compensate for this expense through the high costs of subsequent loans.

Cheap second minute offers Honest Bank and Good Credit …


As part of their loan analysis, Sean Cole experts checked the cost of the first, second and third instant online worth 1000 USD and a repayment period of 30 days.

Based on this data, the average cost of borrowing USD 1,000 per 30 days was calculated. The selection of lenders, of course, was not accidental.

The table below includes: three loan market leaders ( Honest Bank , Good Credit  ), a well-known company currently offering cheap loans without promotion for new clients and another lender ( Good Finance ), which as one of the few does not check clients in the database of the Good Finance Information.

After making the appropriate calculations, it turned out that Honest Bank won in terms of the average cost of the first, second and third loans (USD 133.33). The lender remains the undisputed cost leader.

Low cost of the second and each subsequent loan is the reason why we often make Honest Bank 


The low cost of the second and each subsequent loan is the reason why we often make Honest Bank the first ranking place. In terms of the average cost of three loans (USD 1,000 per 30 days), Good Credit (USD 183.07) and Fast Cash (188) also did quite well. , 40 USD).

It is worth adding that the first lender as a market record holder offers a free moment, even for a period of two months, and Fast Cash will lend a new customer up to USD 6,000 for free.

In terms of the free loan limit, Fast Cash is another market record. The average cost of the first three loans in selected non-bank companies, for example, loans for USD 1,000 for 30 days / 1 month (April 2018)

Lack of customer verification in GFI means higher loan costs


It is worth checking how the other two loan companies presented themselves against the background of strong competitors – Thrift Bank and Good Finance.

The first of them is characterized by a significantly higher average cost of borrowing 1000 USD for 30 days than Honest Bank (190.97 USD in three moments).

A much smaller difference is visible when comparing Good Credit and Quick Cash results. The second service, as part of the standard offer, will borrow USD 1,000 for 30 days by almost USD 100 more than a loan machine. If we included four loans instead of three, then in terms of the average cost, the Borrower would be faster than Fast Cash.

Compared to the costs set by market leaders, Good Finance looks less favorable. This new lender charges costs of USD 282.60 for each loan of USD 1000 per 30 days.

Therefore, we are dealing with the average cost of three loans, which is more than twice as high as the corresponding result for Honest Bank. However, such a big dragon has its justification.

It is worth remembering that Good Finance belongs to a group of very few loan companies that declare no customer verification in the database of the Good Finance Information.

That is why the Good Finance offer, despite quite high costs, meets with the considerable interest of Internet users. I am talking about people who have problems with their credit history in GFI. 

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